EW: TAVR NCD Proposed Decision Memo by 6/15, We are Positive

研报英文原文证据摘录

EW: TAVR NCD Proposed Decision Memo by 6/15, We are Positive

RBC Capital Markets, LLC

Shagun Singh (Analyst)

(646) 618-6886, shagun.singh@rbccm.com

Kendall Au (AVP)

(212) 548-3164, kendall.au@rbccm.com

RBC Dominion Securities Inc.

Moe Mansour (Associate)

(416) 842-7635, moe.mansour@rbccm.com

June 11, 2026

Edwards Lifesciences Corporation

OutperformRESEARCH TAVR NCD Proposed Decision Memo by 6/15, We NYSE: EW; USD 85.98

are Positive Price Target USD 100.00

Our view: We view the TAVR NCD reconsideration as a positive for EW Scenario Analysis*

and the TAVR space, and expect the NCD completion (9/13/26) to be a

catalyst in driving treatment expansion. Our NYC KOL (served on the multi- Downside Current Price Upside Scenario Price Target Scenario

society NCD committee) conservatively estimates ~5% national volume

growth from NCD changes, with the single-operator shift being the most 70.00 85.98 100.00 115.00 19% 16% 34%EQUITY impactful component for procedure efficiency along with site expansion.

Combined with the ACC/AHA guideline update (expected by AHA meeting *Implied Total Returns Key Statistics in Nov'26), we see a favorable setup for TAVR growth acceleration into Shares O/S (MM): 577.7 Market Cap (MM): 49,671

2027 and believe EW is attractively positioned. Dividend: 0.00 Yield: 0.0%

Avg. Daily Volume: 5,027,733

Key points: RBC Estimates The TAVR NCD proposed decision memo due by 6/15 is a notable FY Dec 2025A 2026E 2027E 2028E

upcoming catalyst that we expect to be positive for EW and the broader Revenue 6,067.6 6,756.7 7,478.9 8,271.4

TAVR space. CMS accepted EW's reconsideration request on 12/15/25 EPS, Adj Diluted 2.56 3.03 3.39 3.78

(following initial formal request on 7/28/25) on the current NCD to address P/AEPS 33.6x 28.4x 25.4x 22.8x